The privacy information related to the location of the vehicles need to be concealed with utmost care in the vehicular network since its disclosure leads to a diversified number of attacks that degrades the performance of the network. But, the privacy of vehicles relies on a kind of pseudonym changing mechanism utilized in the mix zone of the vehicular networks. However, the strength of location privacy is influenced by the lower vehicular density and characteristics of decentralization in the mixed zone. In this paper, an effective variant ring signature-based pseudonym changing mechanism (EVRS-PCM) is contributed for privacy preservation under decentralization and reduced density of vehicles. This proposed EVRS-PCM approach uses a ring signature-based pseudonym changing procedure that potentially minimizes the number of pseudonyms notifications under the formation of mixed zones in the network for facilitating excellent location privacy. The results of the proposed EVRS-PCM approach confirmed an optimal rate of success rate, location privacy and the percentage decrease in the number of pseudonym notifications under the varying proportion of mixed zones, distances and vehicles in the network.